Here is another excerpt from Michael Rozbruch’s recent appearance on KLOS 95.5FM.

Q: What are some of the deductions that tax payers commonly miss?

A: A lot of tax payers miss deductions for un-reimbursed business expenses. For instance, if they’re on a W-2 and part of their job is to wine and dine or travel and they’re not reimbursed by their employer, they can deduct those expenses. Also, tax preparation fees are deductible. Union dues that are manditorially deducted from pay checks are missed. Safety deposit box payments that you make every year and IRA/401K maintenance fees are deductible. A lot of people miss all of that stuff.

Q: When someone comes into your office, what do you need from them?

A: Normally what we ask for is their last filed return if they have one and all their recent notices from the IRS or the franchise tax board. Also, a household budget. In other words they need to know where their money is going every month. They need to bring in their pay stubs and/or a profit and loss.

Q: After looking at someone’s situation, do you ever put them on a fixed budget—where you say you’re going to have to pay the government this, but you’re going to have to live off of this?

A: Absolutely. What we do is financial planning in reverse. The first thing we do is we register the power of attorney, which gives us the all the taxpayer’s rights, because they do have a lot of rights. We tell the IRS that from now on all communication and correspondence comes through our office. They are not permitted, under law, to contact the tax payer any longer.

Q: Oh, I bet they like hearing that?

A: Yes, because they can sleep at night now.

Click here to listen to the interview.

More Tax Help, IRS News and Tax Relief Tips:

1. TRS on KLOS Part 1: Knowledge is Power When Dealing with the IRS
2. TRS on KLOS Part 3: More Tax Resolution Advice
3. IRS Tax Relief: Seven Common Income Tax Relief Myths That Can Get You into IRS Trouble
4. Tax Resolution News: IRS Warns Against Frivolous Tax Arguments That Can Incur Severe Penalties
5. Tax Help: How to Resolve Your Back Taxes & Prevent Tax Problems If You’re Short on Cash This Season

Tags: IRS debt, KLOS, Michael Rozbruch, tax expert, tax resolution, tax resolution expert, tax settlement, Tax Tips

This entry was posted on Friday, May 9th, 2008 at 9:07 am and is filed under Seeking Professional Tax Help, Tax Resolution Options and Alternatives, Unfiled Returns - Delinquent Tax Returns. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.